The cost of domestic tertiary education is subsidised in Australia. With the aid of diagram, explain the economic rationale for this subsidisation.
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- Computer models of global climate changecaused by increasing carbon dioxide in the atmosphere predictnot only higher overall temperatures, but also more intense andfrequent heat waves. During the devastating European heatwave in the summer of 2003, between 35,000 and 52,000“excess deaths” occurred. Before taking specific actions toreduce carbon dioxide emissions, economists and politicians tryto estimate the costs. Should excess deaths be included as acost of inaction? If so, what value should we place on a life?At some colleges and universities, economicsprofessors receive higher salaries than professors insome other fields.a. Why might this be true?b. Some other colleges and universities have a policyof paying equal salaries to professors in all fields.At some of these schools, economics professorshave lighter teaching loads than professors insome other fields. What role do the differences inteaching loads play?21. When you make a choice, whatever you give up as a consequence is called a/an a) priduction cost b) rationing method c) opportunity cost d) explicit cost
- Why might the grants-in-aid expenses in the athletic department financial statement overstate the actual expenditures? a. The actual marginal cost of an athlete to the university may be less than the amount of his or her scholarship b. The NCAA requires schools to use out-of-state tuition as the proxy for the cost of an education, which inflates the reported expense c. Athletic directors have been known to inflate these figures as a way to extract larger subsidies from the university d. Most schools combine the scholarship expenses of both athletes and nonathletesb) Discuss and explain the concept of positive return toscale showing it relationship with the quantity ofproduction.What assumptions about the economy must he true for the invisible hand to work? To what extent are those assumptions valid in line real world?
- Politics and economics are set to collide over welfare payments in the world’s mostunequal nation.The first clue over which will prevail may come in South African President Cyril Ramaphosa’s State-Of-TheNation address on Thursday.Record unemployment and deepening poverty has fuelled calls for the government to move toward a basicincome grant, which would be the biggest of its kind globally, or to at least extend a temporary stipend of 350rand ($23) a month paid to the unemployed during the pandemic permanent at that level or slightly higher. Thatmeasure added 10.3-million people to the welfare net. The theoretical argument in support for a Basic Income Grant, is based in which of the following governmentobjectives? a) Full employmentb) Balance of payments stabilityc) Redistribution of incomed) Economic growth 1.5 Suppose that the South African Economy is in a recession, the policy response in the extract above wouldbe inline with which of the following schools of economic thought? a)…Question 2Consider the case of Jonathan, who is a singlefather with one child. He can work as a serverfor $6 per hour up to 1,500 hours per year. Heis eligible for welfare and can receivegovernment support of $10,000 for notworking at all. If he works 1,500 hours, hisearnings would be______ and governmentsupport would be______.O a) 2.000; 8,000O b) 3,000; 7,000O c) 9,000; 1,000O d) 10,000; 0Suppose the administration of a University that is located a high-crime urban area mustdecide on a policy to increase policing on its campus. The student population is 10,500 students but iscould increase if crime is reduced. The cost of added policing in terms of additional salary and equipmentis estimated to be $2.4 million per year. Suppose the administration plans to make their decision with thehelp of a benefit cost analysis of the policy. VSL is $11.8 million a. Explain how the concept of Value of a Statistical Life might factor into a benefit cost analysis of thispolicy. b. How many lives would need to be save to justify the added policing costs if only prevented deathswere considered as the policy benefit? c. Suppose it is believed that student enrollment will increase in the future if crime on campus is reduced.Write a formula to calculate the present value of benefits of policing if student enrollment increases by4% each year.
- Q.No.1. Differentiate the following by giving at least one practical exampleMacro Economics Vs Micro EconomicsSuppose a new employer is also relocatingto Lampard City and will be attractingmany new people who will want to buynew houses. Assume that the change in licensing requirements mentioned in Ques-tion 7 occurs at the same time. What do you think will happen to the equilibriumquantity of new homes bought and sold inLampard City?a. It will decrease substantially.b. It will decrease but not by much.c. It will increase.d. Not enough information.A law is passed providing for compulsory vaccination and subjects a person toimprisonment for refusing to submit vaccination, except when it is apparent or it canbe shown that the person is not fit for vaccination because of his physical condition. Isthe law valid?